Question #11 of GOBankingRates’ Top 100 Money Experts Series
How do I prioritize multiple savings goals at once?
By now, you’re well aware that saving money is essential to your financial life. Whether the advice comes from a podcast, a TV expert, or even your in-laws, the message is always the same: save big, save more, save for the future.
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So, yes, you know you’re supposed to be aggressive about saving. But how to prioritize your savings goals is a trickier question. Retirement? Emergency fund? That trip you’ve been planning for years? When every savings goal feels urgent, knowing how to prioritize can feel impossible.
Barbara Huson understands this dilemma well. She’s not only a wealth coach, bestselling author and founder of The Wealth Connection, but also a financial therapist. Through her work, she’s seen how people — especially women — can feel overwhelmed and anxious when it comes to juggling competing financial goals. But according to Huson, learning how to save for multiple things at once is absolutely possible, with a little intention and structure.
With a plan, a little automation, and some honest conversations — both with yourself and others — you can stop spinning your wheels and start saving in the order that works best for your life.
A Simple System That Works
When Huson was teaching her kids to save, she gave them an allowance to divide between three jars: saving, spending and giving. The act of physically splitting their money made the process easy and, more importantly, automatic.
“They learned to budget, to save for what mattered, and to give generously in areas they cared about — which they never would’ve done on their own, but it made them feel so good when they did,” she said. “That’s the same approach I recommend for adults. When you’re saving for multiple goals, the biggest mistake is overthinking or trying to pick the ‘perfect’ order.”
Instead of stressing about whether you should build your emergency fund before contributing to retirement, or wondering if your car fund should come before a home down payment, Huson recommends something she calls “mindless saving.”
Here’s how it works: Like her kids and their jars, you divide your savings among your different goals. Only instead of dropping coins into a jar, you automate transfers into separate savings accounts.
“That way, you’re making steady progress on everything, without the mental drain of constant decision-making,” she said.
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Don’t Panic — Prioritize
Still, Huson acknowledges that sometimes, this approach of dividing your savings equally won’t alleviate anxiety — especially when a bill is due or a big expense pops up.
Real-life needs often collide all at once, and it can feel like financial quicksand. When that happens, Huson suggests starting with a simple exercise: Write down your needs and goals, and rank them in order of importance or urgency.
Talking things out with someone you trust, like a partner, friend, coach, or a financial advisor, can also help you sort out your priorities. Getting their advice can help you untangle the knot in your head and give you clarity on what’s urgent and what can wait.
Finally, look at what’s due soonest. “If your car just broke down and you need it to get to work, that takes priority over a future vacation or even retirement — at least in the short term,” she said. “Urgency often reveals itself when you consider timing and consequences.”
Let Your Values Guide You
Of course, if you know your cable bill must be paid on the 15th of every month and you need to budget for your upcoming summer vacation, your short-term savings goals can largely take care of themselves. But what about the long term?
Huson advises developing your long-term savings strategy by aligning your spending with your values (remember, her kids had one jar for giving, after all). Need some help clarifying those values? She recommends searching for a values clarification exercise online to help you figure out what is truly important to you.
Do you value the stability of owning a home, or would you rather travel frequently, even if it means continuing to rent? Would monthly donations to a cause bring you more joy than saving for a luxury item? Would having money set aside for family support give you peace of mind? When you know what’s truly important to you, you can make savings decisions that support the life you really want.
Before you buy something, Huson suggests asking yourself: “Will this bring me closer to the life I truly want?”
“Satisfy short-term wants mindfully, while prioritizing long-term goals,” she said. “Mindful spending means being present with your choices — enjoying small pleasures without letting them derail bigger dreams. Prioritizing long-term goals doesn’t mean never indulging — it means choosing with intention, not impulse. It’s not about deprivation — it’s about conscious choice.”
Bottom Line
Figuring out how to save wisely when so many goals and needs are competing for your attention — and your wallet — can be tough. But if you consult your head and your heart in equal measure, you can create a realistic plan that reflects your priorities and values.
This article is part of GOBankingRates’ Top 100 Money Experts series, where we spotlight expert answers to the biggest financial questions Americans are asking. Got a question of your own? You could win $500 just for asking — learn more at GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: Are You Saving Money in the Wrong Order? A Financial Expert on How To Prioritize
